On the April 25 episode of my Lykken on Lending podcast, we had the opportunity to discuss the FHA with Dr. Edward Golding—the Administration's Principal Deputy Assistant Secretary in the Office of Housing. In our conversation, one my cohosts asked a very important question—in an organization like the FHA, how do you go about prioritizing your workload?
Question: Last year we had a prescreened credit campaign. Earlier this year, we had a banking examination and were scored down because we did not have all the record retention requirements for prescreened credit solicitations. In the case of the prescreened credit, what are the record retention requirements?
For specific information about prescreened solicitations, please consult the Fair Credit Reporting Act. Under the Equal Credit Opportunity Act, for a period of twenty-five months after the date on which an offer of credit is made to potential customers in connection with a prescreened credit solicitation, the creditor must retain:
Over the last few years, much of the discussion in the mortgage industry has been circulating around how to attract Millennials to homeownership. Some have claimed that there is a change in culture among Millennials and that this new generation simply isn't interested in homeownership. Others have argued that they're just taking longer to achieve the economic security that would make them comfortable owning a home.
Question: The CFPB says the TRID rules apply to closed-end consumer transaction secured by real estate. If a customer purchases a 1-4 family dwelling for business investment purposes, does TRID or Regulation Z apply; and, more generally, how does TRID or Regulation Z apply to rental property financing?
Presumably, if this property will not be owner-occupied property, then TRID would likely not apply. Whether this is a TRID or non-TRID transaction, one should keep in mind that any transaction that is for a business/investment purpose is not subject to Regulation Z. [12 CFR 1026.3(a)]
Over the last several years, I've been privileged to have the opportunity to host a podcast in which I speak with some of the brightest folks in the mortgage industry about the most important issues as they arise. I say that I'm privileged, because the role has exposed me to a wealth of information that I would not have otherwise encountered. Being the one who's asking the questions make it quite difficult not to be aware of some of the best answers.
You may have noticed that News From NAMB is not just links to other media stories but also goes to primary sources. News From NAMB is different because we find important information that may not be reported elsewhere and we comment on why it is relevant to you, often in a fun way. Best of all, it is free to NAMB members. News From NAMB is sponsored exclusively by United Wholesale Mortgage.
On the April 19 episode of my Lykken on Lending podcast, we invited Gellert Dornay, president and CEO of Axia Home Loans, on the show to briefly describe an initiative currently underway in his organization. Turning the typical way of doing business on its head, Gellert is attempting spread the wealth in the organization more equally across all of its employees rather than concentrating it at the top with only its executives.
On the April 11 episode of my Lykken on Lending podcast, we discussed briefly the trend of peer-to-peer lending in the mortgage industry. The grassroots, low overhead nature of these companies enables them to be quite competitive with rates and delivery. Many have started to ask if peer-to-peer lending might just be the future of the mortgage industry. So, is it just a fad or is it where everything is headed?
You may have noticed that News From NAMB is not just links to other media stories but also goes to primary sources. News From NAMB is different because we find important information that may not be reported elsewhere and we comment on why it is relevant to you, often in a fun way. Best of all, it is free to NAMB members. News From NAMB is sponsored exclusively by United Wholesale Mortgage (UWM).